Published
OnlineLand-BasedFinancial

Galaxy Gaming Q1 2022 revenue up 38%

Galaxy Gaming has reported revenue of $5.9m for the first quarter of 2022, a 38% increase from the prior-year period.

galaxy gaming q1 2022 gi web image
Listen To Article

Galaxy Gaming has reported revenue of $5.9m for the first quarter of 2022, a 38% increase from the prior-year period.

The group noted that adjusted EBITDA increased by 58% year-on-year to $2.7m, compared to $1.7m in Q1 2021. Cash increased by 7% to $17.2m, while total long-term debt decreased from $60.5m to $60.2m.

“We got off to a good start for 2022,” said Galaxy Gaming President and CEO Todd Cravens. “Even though some of our high-end customers in London remain affected by worldwide travel disruptions, we had record gross revenues of $6.7m in the quarter. In the land-based sector, our new baccarat games are being well-received.

“Our iGaming business continues to grow, with iGaming gross revenues of $2.8m in Q1, an increase of 58% from Q1 2021 and 35% from Q4 2021. In both the land-based and iGaming sectors, we have new games and other products that will be launched later this year, and we’re optimistic that operators and players will support them.”

The developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content recently launched its new table game progressive operating system, Triton Casino Systems, building on its precursor, the Bonus Jackpot System.

Galaxy Gaming CFO Harry Hagerty commented: “We expect to continue to build cash over the course of the year to keep net leverage as low as possible. Total Net Leverage is the only financial covenant in our Fortress loan, and we were comfortably in compliance with that covenant at quarter-end.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
 
 
Premium Connections
The Global Gaming Awards are the most trusted and prestigious Awards in the gaming industry, recognising and rewarding the strongest performers across the previous 12 months.
25 Sep 2022

Global Gaming Awards Las Vegas 2022: Full Shortlist revealed

Gambling Insider and Gaming America are delighted to share the Shortlist for the 2022 Global Gaming Awards Las Vegas.

Life after M&A

Pariplay CCO Enrico Bradamante speaks to the GI Huddle about...

Global Gaming Awards Asia 2022: Winners revealed

The winners of the inaugural Global Gaming Awards Asia have...

Coming to America

Interblock Global CEO John Connelly speaks to Gambling Insid...

The supplier story so far

Gambling Insider speaks with leading executives from Relax G...

Read Magazine